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HomeMy WebLinkAboutRES 20-270RESOLUTION NO. 20-270 WHEREAS, the City of Beaumont declared an intent to acquire certain equipment as a capital expenditure with reimbursement to be funded from proceeds of a lease purchase agreement. The equipment hereinafter called "PROPERTY' is generally described below: ; and, One (1) Fire Pumper Truck $757,594.00 WHEREAS, the City of Beaumont may pay certain capital expenditures in connection with the Property prior to its receipt of proceeds of the lease -purchase agreement described below for such expenditures; and, WHEREAS, the City of Beaumont reasonably anticipated that it would make expenditures with respect to the Property in the principal amount not exceeding the amount stated above for which the City may or expects to enter into one or more Lease - Purchase Agreements with a financial institution; and, WHEREAS, City Council is of the opinion that it is in the best interest of the citizens of Beaumont to allow the City to reimburse itself out of the proceeds of the financing for a fire pumper truck if payment is required prior to the lease purchase being secured; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: Section 1. THAT the statements and findings set out in the preamble to this resolution are hereby, in all things, approved and adopted; and, Section 2. The City of Beaumont expects the City will pay certain capital expenditures in connection with the Property prior to the receipt of the Lease Purchase Proceeds for the Property. Section 3. The City of Beaumont hereby declares the City of Beaumont's official intent to use the Lease Purchase Proceeds to reimburse itself for the above described Property expenditures. Section 4. This Resolution shall take effect from and after its adoption. The meeting at which this resolution was approved was in all things conducted in strict compliance with the Texas Open Meetings Act, Texas Government Code, Chapter 551. PASSED BY THE CITY COUNCIL of the City of Beaumont this the 8th day of December, 2020. U, 0 14; "�,fn IN, a ��Vvlor :- -